Nobel Laureate Stiglitz Criticizes Fed's Rapid Rate Hikes

According to Odaily, Nobel Prize-winning economist Joseph Stiglitz expressed his concerns on Friday at a forum in Cernobbio, Italy, stating that the Federal Reserve has moved 'too far, too fast' with its monetary policy tightening. Stiglitz emphasized that the Fed should consider lowering interest rates by 50 basis points in its upcoming meeting. He criticized the central bank for exacerbating inflation issues through its aggressive rate hikes. Stiglitz's comments came ahead of the release of the non-farm payroll data for August, which investors are closely monitoring for indications of the Fed's potential rate cut this month. Stiglitz, who was awarded the Nobel Prize in Economics in 2001 for his market analysis, joined JPMorgan's chief U.S. economist in calling for a significant rate cut this month.